According to the latest report by IMARC Group, titled “Industrial Catalyst Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global industrial catalyst market reached a value of US$ 18.8 Billion in 2018. Catalysts are substances that initiate or accelerate reactions by providing an alternative reaction pathway with lower activation energy than the uncatalyzed reaction. These reactions form the foundation of many industrial chemical processes. At present, there is a wide variety of catalysts available in the market which fulfill different economic, political and environmental demands. Such diversity allows users to choose catalysts according to the reaction conditions, temperatures, pressure and feedstocks involved. Further, these catalysts help in the production of improved oil fractions for clean fuels such as biodiesel, ethanol, natural gas and propane.
Over the past few years, the rising environmental concerns have increased the production of catalytic converters, a part of a car's emissions control system that helps in reducing toxic emissions. The consequent rise in the demand from the automotive industry has led to the growth in the industrial catalyst market across the globe. Moreover, there has been a rise in the demand for nano-catalysts which are known for improving the catalytic process. They are majorly utilized in pharmaceuticals, chemicals, food processing, and oil and refinery industries. Apart from this, the overall demand for industrial catalysts is expected to be driven by the growing demand for petroleum products from the industrial and power generation sectors. Looking forward, the market value is projected to reach US$ 23.9 Billion by 2024, expanding at a CAGR of 3.9% during 2019-2024.
- The market has been segmented on the basis of types which include heterogeneous catalysts, homogeneous catalysts and biocatalysts. Amongst these, heterogeneous catalysts represent the largest segment.
- Based on raw materials, the market has been categorized as mixed, oxide, metallic, sulfide and organometallic catalysts. Presently, mixed catalysts are the most popular raw material in the industry.
- On the basis of applications, the market has been segregated into petroleum refinery, chemical synthesis and petrochemicals. Amongst these, petroleum refineries are the leading application segment.
- On the geographical front, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Currently, Asia Pacific represents the largest region, holding the majority of the market share.
- The competitive landscape of the market has also been examined with some of the key players being Albemarle Corporation, Arkema, BASF Corporation, Clariant Ag, Evonik Industries Ag, Exxon Mobil Chemical Corporation, AkzoNobel N.V., Chevron Phillips Chemical Company, The DOW Chemical Company, and DuPont.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal